May 28, 2024

Compression Stockings Market is Expected to be Flourished by Rising Prevalence of Chronic Venous Disease

Compression stockings help improve the blood circulation in legs and prevent conditions such as varicose veins, deep vein thrombosis (DVT), and swelling. They provide graduated compression around the feet and legs. The global compression stockings market is dominated by class 1 stockings that provide 15-20 mmHg pressure throughout the leg. These are widely used to reduce tiredness and relieve aches/pains caused from prolonged standing or walking. Class 2 stockings provide 20-30 mmHg pressure and are suitable for individuals with minor circulation problems or swelling. Class 3 stockings provide 30-40 mmHg pressure and are commonly prescribed for conditions such as post-thrombotic syndrome, recurrent leg swelling, and leg ulcers.

The global compression stockings market is estimated to be valued at US$ 14,869.5 Mn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing prevalence of chronic venous disease (CVD) is a key driver boosting the demand for compression stockings. CVD affects around 30-60% of adult population in Western nations. Conditions such as varicose veins and deep vein thrombosis are increasing rapidly due to sedentary lifestyles and obesity. Moreover, compression stockings help manage symptoms associated with CVD such as leg pain, leg fatigue, night cramps, and skin issues. Growing geriatric population is another major driver, as older adults are more susceptible to developing CVD due to weakened vein valves and insufficient calf muscle pumping. Compression helps address issues like leg swelling and aches/pains frequently experienced by the elderly. The global compression stockings market opportunity is being furthered by rising prevalence of chronic venous diseases.
Segment Analysis
The compression stockings market is dominated by medical segment which holds around 75% of overall market share. It is dominating as compression stockings are majorly used in treatment of chronic venous insufficiency, edema and Deep Vein Thrombosis (DVT). Sports segment is the fastest growing segment and is expected register a CAGR of over 12% during forecast period. Rising number of sports injuries and increasing participation in sports and athletic activities are major factors driving growth of sports segment.

PEST Analysis
Political: Regulations regarding product quality and safety standards set by regulatory bodies like FDA are positively impacting market growth.
Economic: Improving economic conditions, rising healthcare spending and growing middle class population specially in developing countries are fueling market expansion.
Social: Increasing awareness about early prevention and treatment of medical conditions treated by compression stockings and growing participation in sports are driving social factors.
Technological: Advancements in material science and manufacturing technologies are allowing manufacturers to develop innovative, comfortable and skin-friendly compression stockings. Development of smart compression garments integrated with sensors is another technological trend.

Key Takeaways
The global compression stockings market is expected to witness high growth. North America dominates the market currently due to presence of prominent players and rising prevalence of chronic venous diseases in the region. Europe is the second largest market led by countries like Germany, UK and France. Asia Pacific is projected to witness fastest growth during forecast period led by countries like China, India with growing healthcare infrastructure and increasing medical tourism.

Key players operating in the compression stockings market are Bio Compression System, BSN Medical, Devon Medical Products, Flow Aid medical technologies, Design Veronique, Julius Zorn GmbH, and Medtronic SIGVARIS. Bio Compression System and BSN Medical collectively hold over 30% of market share. The leading players are focusing on new product launches, partnerships and mergers to strengthen their market presence. For instance, in 2021 BSN medical launched its truCompresse range of compression stockings.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it